Rethinking Marketing

Apparently, marketing strategies are important in ensuring that companies make sales and capture a sizable share of customers while attracting the attention of prospective ones. However, the conventional methods such as advertisements in print media and TV spots are quickly being overtaken by the digital technology. Therefore, companies and especially banks should review the marketing strategies and redefine the target markets. Additionally, the concerned departments ought to devise new methods of segmentation since the needs of customers are consistently different with respect to time, nature of business transacted as well as demographics.

Of particular interest is the tradition of sending inexperienced "sales representatives" by banks to the streets to seek and convince customers to open accounts. While they may be oriented into the operations and advantages of the bank, the factors of being ahead of competition and explaining the extra benefits cannot be ignored. For instance, I can have money in M-PESA (sending and receiving), save in M-SHWARI (and get a loan) and Download a mobile banking app with many useful functions. So, how can a sales representative convince me to open a bank account while all I need is in my hand and at my convenience? Same applies to insurance companies. All cars on Kenyan roads, major building, most workers, and even businesses are insured. How does the company expect to sell policies amidst stiff competition and a "saturated market?" What tangible benefit can I get by insuring with a particular company?

It is time to rethink about the products companies are offering coupled with the underlying benefits based satisfying a real need as opposed to the hypothetical needs created by those sitting in offices. Data should be collected from the market by the real executives if companies are to experience growth. Models should be developed by experts to track the changes over time. Fortunately, the technology is available to adjust products and services to suit specific needs of the customers. CREATE VALUE FOR YOUR CLIENTS.